Milbank Advises Ad Hoc Group of Altice France Unsecured Noteholders on Refinancing That Sees Over 90% Creditor Support Reached Across All Tranches

Milbank LLP advised an ad hoc group of holders of senior notes (the “SUNs”) issued by Altice France Holding S.A. (“AFH”) as part the landmark European restructuring of c. €29 billion of debt owed by the Altice group (“Altice”), of which the SUNs accounts for c. €4.5 billion. Creditor support for the overall refinancing has reached 90% across all tranches of junior and senior indebtedness, meaning the refinancing of the notes issued by Altice may be implemented consensually. Altice has also recently launched a French conciliation process in an effort to finalise preparations for a planned consensual implementation.

Under the terms of the AFH debt refinancing, holders of the SUNs will receive a cash payment of 2.5% of principal on closing, with an extra 2.5% payable to noteholders who consented to the transaction prior to the early consent deadline. Consenting creditors will also receive 20% of their existing notes in reinstated debt, to be issued by a new subsidiary of AFH (“New Issuer”), a pro rata proportion of 14% of the New Issuer’s equity, and contingent value rights to be issued by AFH. 

Creditor support for the overall restructuring has been significant, and Altice has received consent from 90% of its creditors across all tranches of junior and senior indebtedness.  

The Milbank team was led by Financial Restructuring partner Nicholas Dunstone, with Yushan Ng and Sinjini Saha. The team also included special counsel Suzanne Thomson and associates Diana Dai, Ryan Edge and Joseph Clarke.